Argentina's central bank has allowed the peso to fall
gradually against the dollar in recent weeks as the country
tries to keep its export sector competitive with its top
trading partner, neighboring Brazil.

The peso shed 0.21 percent to close at 3.4975/3.5 per
dollar ARS=RASL in formal trade between banks.

In formal trade between foreign exchange houses, as
measured by Reuters, the peso fell 0.14 percent to 3.53/3.535
per dollar ARSB=, its lowest level since December 2002.

"The peso in the formal market weakened slowly in light
trade and the Central Bank did little to break its slide," said
Fernando Izzo, an analyst at ABC Mercado de Cambios.

The Argentine central bank intervenes regularly in the
foreign exchange market, maintaining the peso at levels it
considers best suited to keep the economy competitive.

Argentina, an agricultural powerhouse, is grappling with a
slowing economy and lower commodity prices caused by the world
economic slowdown.

Argentine stocks rose, lifted by Wall Street, where U.S.
stocks gained on news a group of Republican senators offered a
$445 billion alternative plan to boost the country's ailing
economy.

The benchmark MerVal index .MERV advanced 1.37 percent to
close at 1,072.34, led by gains in Buenos Aires-listed shares
of Brazilian state-owned oil company Petrobras <APBR.BA and
financial group Grupo Financiero Galicia GFG.BA.
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